AiK2’s The Five Things video series highlights what wealth managers should be focusing on today for success in the coming years. In this episode, Jay Hummel calls attention to the fact that financial advisors have a wealth of resources to help serve business owners, and in many cases, they’re being underutilized.
You’ve probably all seen a variation of this stat: In the next 8-10 years, $9-13 trillion is set to change hands as a result of Baby Boomers selling their businesses in the U.S. It’s a tremendous opportunity for financial advisors to start to position themselves to better serve business owners.
How to appeal to business owners
We have some ideas.
- Start looking at businesses as assets, not just considering and charging based on AUM. Many advisors currently manage based on AUM, which totally overlooks the potential business valuation.
- Learn how to talk to business owners. Positioning yourself as a connection to broader financial services, like insurance, business valuation, and lending, can make your role in a business owner’s world more prominent.
At AiK2, we are more than an insurance brokerage firm; we strive to be a partner, using our industry expertise to help firms grow revenue, profitability, and enterprise value. We would love to continue this conversation with you and hear about what you thought of this series.